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Updated May 25th, 2021 at 13:16 IST

NBA Africa valued at almost $1 BILLION as league lures players and investors

On Monday, the NBA announced the formation of its NBA Africa business operation, luring investors and former players to invest in the company.

Reported by: Arnold Dsouza
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On Monday, the NBA announced the creation of a new entity called NBA Africa. It will be in charge of the league's business in the African continent, including the Basketball Africa League (BAL), which is in the midst of its first season after getting postponed by a year due to the COVID-19 pandemic. The league has partnered with several high-profile investors to form NBA Africa, including former players — Dikembe Mutombo, Junior Bridgeman, Luol Deng, Grant Hill and Joakim Noah.  

NBA Africa value: How much is NBA Africa worth? 

While speaking to reports during the introductory announcement of NBA Africa, NBA commissioner Adam Silver said that the newly-formed entity is worth "nearly $1 billion", however, amounts of the league and individual investments were not disclosed. The league said some of its primary areas of focus with the venture are to grow the BAL and to launch additional NBA academies in Africa. There are at least 55 players currently in the NBA who were either born in Africa or have a parent from the African continent.

The league drafted a total of nine Nigerian players in 2020, the largest number from Africa to date. The expectation is that even more could come from the continent, with training for young players, referees and coaches. While the NBA has played three summer exhibitions in Africa in recent years and there are hopes for more, there are no firm plans yet to bring preseason or regular-season games to the continent. According to reports, the NBA envisions basketball being a top sport throughout Africa in 10 years.

In a press release, Silver spoke highly of the newly-formed NBA Africa and said, "Today's announcement is the result of many years of investment and on-the-ground work to grow the game of basketball in Africa and a recognition of the enormous opportunities ahead for the NBA on the continent." He added, "We believe that basketball can become a top sport across Africa over the next decade, and I look forward to working closely with our investors to make that goal a reality."

Who are the NBA Africa investors? NBA Africa league structure 

Nigeria-based industrial group Yinka Folawiyo Group and Helios Fairfax Partners Corporation, an investment holding company that trades on the Toronto Stock Exchange are investors in NBA Africa. Former NBA players Luol Deng and Joakim Noah are also investors. The league’s African operations are currently based in Johannesburg, and it has offices in Senegal as well.

Silver and NBA Chief Operating Officer Mark Tatum will have NBA Africa board seats, joining Babatunde Folawiyo, CEO of Yinka Folawiyo, and Tope Lawani, co-CEO of Helios Fairfax. NBA Africa will be led by CEO Victor Williams.

 

Image Credits - nba.com

 

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Published May 25th, 2021 at 13:16 IST

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